Austria - Economic Indicators
Global Outlook: An Uncertain Path
Oct 08, 2019
View the Moody's Analytics Global Forecast. Real global GDP growth is projected to slow to around 2.4% in 2019, after 3% in 2018. The global economic slowdown is entrenched and widespread. Multiple factors are behind the synchronized slowdown, though international politics, particularly trade policy and Brexit, are the key headwinds. It is unknown how the trade war and Brexit will play out in the coming months. Major geopolitical risks also hang...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Nominal Gross Domestic Product | 2019 Q2 | 99,291 | 98,580 | Mil. EUR, WDASA | Quarterly |
| Private Consumption | 2018 | 191.31 | 184.52 | Bil. EUR | Annual |
| Real Private Consumption | 2018 | 106.73 | 105.01 | Ch. Vol. Index 2010=100 | Annual |
| Nominal Fixed Investment (gross fixed capital formation) | 2018 | 92.25 | 87.36 | Bil. EUR | Annual |
| Investment | 2018 | 97.81 | 92.99 | Bil. EUR | Annual |
| Real Gross Domestic Product | 2018 | 113.44 | 110.43 | Ch. Vol. Index 2010=100 | Annual |
| Real Fixed Investment (gross fixed capital formation) | 2018 | 124.67 | 120.71 | Ch. Vol. Index 2010=100 | Annual |
| Government Consumption | 2018 | 27.38 | 26.65 | Bil. EUR | Annual |
| Real Government Consumption | 2018 | 101.86 | 101.49 | Ch. Vol. Index 2010=100 | Annual |
| Real Investment | 2018 | 126.38 | 122.65 | Ch. Vol. Index 2010=100 | Annual |
| Price | Reference | Last | Previous | Units | Frequency |
| Wholesale Price Index | Oct 2019 | 105.9 | 106.3 | Index 2015=100, NSA | Monthly |
| Consumer Price Index (CPI) | Oct 2019 | 118.7 | 118.4 | Index 2010=100, NSA | Monthly |
| Producer Price Index (PPI) | Sep 2019 | 102.3 | 102.3 | Index 2015=100, NSA | Monthly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Real Wages & Salaries | Oct 2019 | 107.4 | 107.4 | Index 2016=100, NSA | Monthly |
| Wage & Salaries | Oct 2019 | 107.5 | 107.5 | Index 2016=100, NSA | Monthly |
| Labor Force Employment | 2019 Q2 | 4,343 | 4,301 | Ths. #, NSA | Quarterly |
| Labor Force | 2019 Q2 | 4,555 | 4,566 | Ths. #, SA | Quarterly |
| Unemployment | 2019 Q2 | 202 | 222.4 | Ths. #, NSA | Quarterly |
| Agriculture Employment | 2017 | 196,836 | 197,190 | # | Annual |
| Unemployment Rate | 2017 | 5.5 | 6.01 | % of total labor force | Annual |
| Tertiary Industries Employment | 2017 | 3,199,425 | 3,178,674 | # | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Net Exports | Aug 2019 | 10,941 | 13,427 | Mil. EUR, NSA | Monthly |
| Exports of Goods | Aug 2019 | 10,941 | 13,427 | Mil. EUR, NSA | Monthly |
| Imports of Goods | Aug 2019 | 11,419 | 14,409 | Mil. EUR, NSA | Monthly |
| Exports of Goods and Services | 2019 Q2 | 53,170 | 56,479 | Mil. EUR, NSA | Quarterly |
| Current Account Balance | 2019 Q2 | -416 | 4,854 | Mil. EUR, NSA | Quarterly |
| Real Imports of Goods and Services | 2018 | 128.39 | 124.86 | Ch. Vol. Index 2010=100 | Annual |
| Imports of Goods and Services | 2018 | 196.72 | 187.33 | Bil. EUR | Annual |
| Real Exports of Goods and Services | 2018 | 129.28 | 123.85 | Ch. Vol. Index 2010=100 | Annual |
| Real Net Exports | 2017 | 11,348,860,000 | 10,882,460,000 | NCU | Annual |
| Balance of Goods | 2017 | -1,395,184,541 | 389,815,779 | BoP; current USD | Annual |
| Government | Reference | Last | Previous | Units | Frequency |
| Outstanding Public Debt | Oct 2019 | 204,415 | 208,572 | Millions of Euros, NSA | Monthly |
| Gross External Debt | 2019 Q2 | 0 | 0 | USD, NSA | Quarterly |
| Government Budget Balance | 2019 Q2 | 1,611 | -1,796 | Mil. EUR, NSA | Quarterly |
| Government Revenues | 2019 Q2 | 49,312 | 43,966 | Mil. EUR, NSA | Quarterly |
| Government Expenditures | 2019 Q2 | 47,700 | 45,762 | Mil. EUR, NSA | Quarterly |
| Outstanding Public Debt - Domestic | 1994 | 0 | 0 | EUR | Annual |
| Markets | Reference | Last | Previous | Units | Frequency |
| Stock Market Index | 14 Nov 2019 | 3,186 | 3,221 | Index, NSA | Daily |
| Treasury Bills (over 31 days) | Oct 2019 | -0.11 | -0.65 | % p.a., NSA | Monthly |
| Average Long-term Government Bond | Oct 2019 | -0.11 | -0.65 | % p.a., NSA | Monthly |
| Lending Rate | Sep 2019 | 0.02 | 0.02 | %, NSA | Monthly |
| Money Market Rate | Dec 1998 | 3.22 | 3.37 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| Residential Housing Starts | 2019 Q2 | 17,902 | 17,721 | #, NSA | Quarterly |
| Non-residential Building Permits | 2019 Q2 | 2,043 | 1,587 | #, NSA | Quarterly |
| Residential Building Permits | 2019 Q2 | 20,064 | 20,974 | #, SAAR | Quarterly |
| Building Permits | 2019 Q2 | 7,683 | 6,500 | #, NSA | Quarterly |
| House Price Index for New Homes | 2019 Q2 | 119.62 | 114.96 | Index 2015=100, NSA | Quarterly |
| House Price Index | 2019 Q2 | 126.4 | 122.38 | Index 2015=100, NSA | Quarterly |
| House Price Index for Existing Homes | 2016 Q4 | 143.6 | 143.79 | Index 2010=100, NSA | Quarterly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Consumer Confidence | Oct 2019 | -2.9 | -3.7 | SA | Monthly |
| Real Retail Sales | Sep 2019 | 98.6 | 102 | Vol. Index 2015=100, NSA | Monthly |
| Retail Sales | Sep 2019 | 104.5 | 105.5 | Index 2015=100, NSA | Monthly |
| Personal Income | 2018 | 185.1 | 176.1 | Billions of Euros, NSA | Annual |
| Business | Reference | Last | Previous | Units | Frequency |
| Capacity Utilization | 2019 Q4 | 85.3 | 86.7 | %, SA | Quarterly |
| Business Confidence | Oct 2019 | -9.1 | -4.8 | Bal. of Op., SA | Monthly |
| Industrial Production | Aug 2019 | 112.8 | 115.5 | Index 2015=100, SA | Monthly |
| Change in Inventories | 2017 | 5,824,330,000 | 3,675,560,000 | NCU | Annual |
| Real Change in Inventories | 1970 | 1,068,652,400 | NCU | Annual | |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Population | 2019 Q3 | 8,881,545 | 8,869,174 | Ths. #, SA | Quarterly |
| Births | Jun 2019 | 7,024 | 6,983 | # | Monthly |
| Deaths | Jun 2019 | 6,411 | 6,669 | # | Monthly |
| Net Migration | 2017 | 99,999 | # | Annual | |
| Birth Rate | 2016 | 10 | # per Ths. pop. | Annual | |
| Death Rate | 2010 | 9.2 | # per Ths. pop. | Annual |
Factbook
Background
Background:
Once the center of power for the large Austro-Hungarian Empire, Austria was reduced to a small republic after its defeat in World War I. Following annexation by Nazi Germany in 1938 and subsequent occupation by the victorious Allies in 1945, Austria's status remained unclear for a decade. A State Treaty signed in 1955 ended the occupation, recognized Austria's independence, and forbade unification with Germany. A constitutional law that same year declared the country's "perpetual neutrality" as a condition for Soviet military withdrawal. The Soviet Union's collapse in 1991 and Austria's entry into the EU in 1995 have altered the meaning of this neutrality. A prosperous, democratic country, Austria entered the EU Economic and Monetary Union in 1999.
Geography
Location:
Central Europe, north of Italy and Slovenia
Geographic coordinates:
47 20 N, 13 20 E
Map references:
Europe
Area:
total: 83,871 sq km
land: 82,445 sq km
water: 1,426 sq km
country comparison to the world: 115
Area - comparative:
about the size of South Carolina; slightly more than two-thirds the size of Pennsylvania
Area comparison map:
Land boundaries:
total: 2,524 km
border countries (8): Czech Republic 402 km, Germany 801 km, Hungary 321 km, Italy 404 km, Liechtenstein 34 km, Slovakia 105 km, Slovenia 299 km, Switzerland 158 km
Coastline:
0 km (landlocked)
Maritime claims:
none (landlocked)
Climate:
temperate; continental, cloudy; cold winters with frequent rain and some snow in lowlands and snow in mountains; moderate summers with occasional showers
Terrain:
mostly mountains (Alps) in the west and south; mostly flat or gently sloping along the eastern and northern margins
Elevation:
mean elevation: 910 m
elevation extremes: lowest point: Neusiedler See 115 m
highest point: Grossglockner 3,798 m
Natural resources:
oil, coal, lignite, timber, iron ore, copper, zinc, antimony, magnesite, tungsten, graphite, salt, hydropower
Land use:
agricultural land: 38.4%
arable land 16.5%; permanent crops 0.8%; permanent pasture 21.1%
forest: 47.2%
other: 14.4% (2014 est.)
Irrigated land:
1,170 sq km (2012)
Population - distribution:
the northern and eastern portions of the country are more densely populated; nearly two-thirds of the populace lives in urban areas
Natural hazards:
landslides; avalanches; earthquakes
Environment - current issues:
some forest degradation caused by air and soil pollution; soil pollution results from the use of agricultural chemicals; air pollution results from emissions by coal- and oil-fired power stations and industrial plants and from trucks transiting Austria between northern and southern Europe; water pollution; the Danube, as well as some of Austria’s other rivers and lakes, are threatened by pollution
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulphur 94, Air Pollution-Volatile Organic Compounds, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
landlocked; strategic location at the crossroads of central Europe with many easily traversable Alpine passes and valleys; major river is the Danube; population is concentrated on eastern lowlands because of steep slopes, poor soils, and low temperatures elsewhere
People & Society
Population:
8,754,413 (July 2017 est.)
country comparison to the world: 95
Nationality:
noun: Austrian(s)
adjective: Austrian
Ethnic groups:
Austrians 91.1%, former Yugoslavs 4% (includes Croatians, Slovenes, Serbs, and Bosniaks), Turks 1.6%, Germans 0.9%, other or unspecified 2.4% (2001 census)
Languages:
German (official nationwide) 88.6%, Turkish 2.3%, Serbian 2.2%, Croatian (official in Burgenland) 1.6%, other (includes Slovene, official in South Carinthia, and Hungarian, official in Burgenland) 5.3% (2001 est.)
Religions:
Catholic 73.8% (includes Roman Catholic 73.6%, other Catholic 0.2%), Protestant 4.9%, Muslim 4.2%, Orthodox 2.2%, other 0.8% (includes other Christian), none 12%, unspecified 2% (2001 est.)
Age structure:
0-14 years: 14.01% (male 628,205/female 598,519)
15-24 years: 11.07% (male 494,016/female 475,500)
25-54 years: 42.42% (male 1,856,532/female 1,856,937)
55-64 years: 13.23% (male 574,570/female 584,022)
65 years and over: 19.26% (male 731,126/female 954,986) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 49.2
youth dependency ratio: 21.1
elderly dependency ratio: 28.1
potential support ratio: 3.6 (2015 est.)
Median age:
total: 44 years
male: 42.8 years
female: 45.1 years (2017 est.)
country comparison to the world: 13
Population growth rate:
0.47% (2017 est.)
country comparison to the world: 156
Birth rate:
9.5 births/1,000 population (2017 est.)
country comparison to the world: 201
Death rate:
9.6 deaths/1,000 population (2017 est.)
country comparison to the world: 50
Net migration rate:
4.8 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 25
Population distribution:
the northern and eastern portions of the country are more densely populated; nearly two-thirds of the populace lives in urban areas
Urbanization:
urban population: 66.1% of total population (2017)
rate of urbanization: 0.51% annual rate of change (2015-20 est.)
Major urban areas - population:
VIENNA (capital) 1.753 million (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.04 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 0.98 male(s)/female
65 years and over: 0.76 male(s)/female
total population: 0.96 male(s)/female (2017 est.)
Mother's mean age at first birth:
29 years (2014 est.)
Maternal mortality ratio:
4 deaths/100,000 live births (2015 est.)
country comparison to the world: 175
Infant mortality rate:
total: 3.4 deaths/1,000 live births
male: 3.8 deaths/1,000 live births
female: 3 deaths/1,000 live births (2017 est.)
country comparison to the world: 208
Life expectancy at birth:
total population: 81.6 years
male: 78.9 years
female: 84.4 years (2017 est.)
country comparison to the world: 23
Total fertility rate:
1.47 children born/woman (2017 est.)
country comparison to the world: 201
Contraceptive prevalence rate:
65.7%
note: percent of women aged 18-49 (2012/13)
Health expenditures:
11.2% of GDP (2014)
country comparison to the world: 11
Physicians density:
5.23 physicians/1,000 population (2016)
Hospital bed density:
7.6 beds/1,000 population (2013)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
20.1% (2016)
country comparison to the world: 105
Education expenditures:
5.4% of GDP (2014)
country comparison to the world: 44
School life expectancy (primary to tertiary education):
total: 16 years
male: 16 years
female: 16 years (2015)
Unemployment, youth ages 15-24:
total: 10.6%
male: 11.1%
female: 10% (2015 est.)
country comparison to the world: 125
Government
Country name:
conventional long form: Republic of Austria
conventional short form: Austria
local long form: Republik Oesterreich
local short form: Oesterreich
etymology: the name Oesterreich means "eastern realm" or "eastern march" and dates to the 10th century; the designation refers to the fact that Austria was the easternmost extension of Bavaria, and, in fact, of all the Germans; the word Austria is a Latinization of the German name
Government type:
federal parliamentary republic
Capital:
name: Vienna
geographic coordinates: 48 12 N, 16 22 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
9 states (Bundeslaender, singular - Bundesland); Burgenland, Kaernten (Carinthia), Niederoesterreich (Lower Austria), Oberoesterreich (Upper Austria), Salzburg, Steiermark (Styria), Tirol (Tyrol), Vorarlberg, Wien (Vienna)
Independence:
12 November 1918 (republic proclaimed); notable earlier dates: 976 (Margravate of Austria established); 17 September 1156 (Duchy of Austria founded); 11 August 1804 (Austrian Empire proclaimed)
National holiday:
National Day (commemorates passage of the law on permanent neutrality), 26 October (1955)
Constitution:
history: several previous; latest adopted 1 October 1920, revised 1929, replaced May 1934 (authoritarian corporate state), replaced by German Weimar constitution in 1938 following German annexation, reinstated 1 May 1945
amendments: proposed through laws designated “constitutional laws” or through the constitutional process if the amendment is part of another law; approval required by at least a two-thirds majority vote by the National Assembly if one-half of the members are present; a referendum is required only if requested by one-third of the National Council or Federal Council membership; passage by referendum requires absolute majority vote; amended many times, last in 2014 (2016)
Legal system:
civil law system; judicial review of legislative acts by the Constitutional Court
International law organization participation:
accepts compulsory ICJ jurisdiction; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Austria
dual citizenship recognized: no
residency requirement for naturalization: 10 years
Suffrage:
16 years of age; universal
Executive branch:
chief of state: Alexander VAN DER BELLEN (since 26 January 2017)
head of government: Chancellor Sebastian KURZ (since 18 December 2017); Vice Chancellor Heinz-Christian STRACHE (since 18 December 2017)
cabinet: Council of Ministers chosen by the president on the advice of the chancellor
elections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 6-year term (eligible for a second term); elections last held on 24 April 2016 (first round), 22 May 2016 (second round, which was annulled), and 4 December 2016 (second round re-vote); next election to be held in April 2022; chancellor appointed by the president but determined by the majority coalition parties in the Federal Assembly; vice chancellor appointed by the president on the advice of the chancellor
election results: Alexander VAN DER BELLEN elected in second round; percent of vote in first round - Norbet HOFER (FPOe) 35.1%, Alexander VAN DER BELLEN (independent, allied with the Greens) 21.3%, Irmgard GRISS (independent) 18.9%, Rudolf HUNDSTORFER (SPOe) 11.3%, Andreas KHOL (OeVP) 11.1%, Richard LUGNER (independent) 2.3%; percent of vote in second round - Alexander VAN DER BELLEN 53.8%, Norbet HOFER 46.2%
Legislative branch:
description: bicameral Federal Assembly or Bundesversammlung consists of the Federal Council or Bundesrat (62 seats; members appointed by state parliaments with each state receiving 3 to 12 seats in proportion to its population; members serve 5- or 6-year terms) and the National Council or Nationalrat (183 seats; members directly elected in single-seat constituencies by proportional representation vote; members serve 5-year terms)
elections: National Council - last held on 15 October 2017 (next to be held in 2022); note - an early election was called after the coalition government collapsed
election results: National Council - percent of vote by party - OeVP 31.5%, SPOe 26.9%, FPOe 26%, NEOS 5.3%, PILZ 4.4%, other 5.9%; seats by party - OeVP 62, SPOe 62, FPOe 51, NEOS 10, PILZ 8
Judicial branch:
highest court(s): Supreme Court of Justice or Oberster Gerichtshof (consists of 85 judges organized into 17 senates or panels of 5 judges each); Constitutional Court or Verfassungsgerichtshof (consists of 20 judges including 6 substitutes; Administrative Court or Verwaltungsgerichtshof - 2 judges plus other members depending on the importance of the case)
judge selection and term of office: Supreme Court judges nominated by executive branch departments and appointed by the president; judges serve for life; Constitutional Court judges nominated by several executive branch departments and approved by the president; judges serve for life; Administrative Court judges recommended by executive branch departments and appointed by the president; terms of judges and members determined by the president
subordinate courts: Courts of Appeal (4); Regional Courts (20); district courts (120); county courts
Political parties and leaders:
Austrian People's Party or OeVP [Sebastian KURZ]
Communist Party of Austria or KPOe [Mirko MESSNER]
Freedom Party of Austria or FPOe [Heinz-Christian STRACHE]
The Greens [Werner KOGLER]
NEOS - The New Austria [Matthias STROLZ]
Pilz List or PILZ [Peter KOLBA]
Social Democratic Party of Austria or SPOe [Christian KERN]
Political pressure groups and leaders:
Austrian Trade Union Federation or OeGB (nominally independent but primarily Social Democratic)
Federal Agriculture Chamber (OeVP-dominated)
Federal Economic Chamber (OeVP-dominated)
Labor Chamber or AK (Social Democratic-leaning think tank)
OeVP-oriented Association of Austrian Industrialists or IV
Roman Catholic Church, including its chief lay organization, Catholic Action
other: 3 composite leagues of the Austrian People's Party or OeVP representing business, labor, farmers, and other nongovernment organizations in the areas of environment and human rights
International organization participation:
ADB (nonregional member), AfDB (nonregional member), Australia Group, BIS, BSEC (observer), CD, CE, CEI, CERN, EAPC, EBRD, ECB, EIB, EMU, ESA, EU, FAO, FATF, G-9, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINURSO, NEA, NSG, OAS (observer), OECD, OIF (observer), OPCW, OSCE, Paris Club, PCA, PFP, Schengen Convention, SELEC (observer), UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIFIL, UNTSO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Wolfgang WALDNER (since 28 January 2016)
chancery: 3524 International Court NW, Washington, DC 20008-3035
telephone: [1] (202) 895-6700
FAX: [1] (202) 895-6750
consulate(s) general: Los Angeles, New York
consulate(s): Chicago
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires Eugene YOUNG (since 20 January 2017)
embassy: Boltzmanngasse 16, A-1090, Vienna
mailing address: use embassy street address
telephone: [43] (1) 31339-0
FAX: [43] (1) 3100682
Flag description:
three equal horizontal bands of red (top), white, and red; the flag design is certainly one of the oldest - if not the oldest - national banners in the world; according to tradition, in 1191, following a fierce battle in the Third Crusade, Duke Leopold V of Austria's white tunic became completely blood-spattered; upon removal of his wide belt or sash, a white band was revealed; the red-white-red color combination was subsequently adopted as his banner
National symbol(s):
eagle, edelweiss, Alpine gentian; national colors: red, white
National anthem:
name: "Bundeshymne" (Federal Hymn)
lyrics/music: Paula von PRERADOVIC/Wolfgang Amadeus MOZART or Johann HOLZER (disputed)
note: adopted 1947; the anthem is also known as "Land der Berge, Land am Strome" (Land of the Mountains, Land by the River); Austria adopted a new national anthem after World War II to replace the former imperial anthem composed by Franz Josef HAYDN, which had been appropriated by Germany in 1922 and was thereafter associated with the Nazi regime; a gendered version of the lyrics was adopted by the Austrian Federal Assembly in fall 2011 and became effective 1 January 2012
Economy
Economy - overview:
Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a relatively sound industrial sector, and a small, but highly developed agricultural sector.
Economic growth has been relatively weak in recent years, approaching 1% in 2015, but rising to 2.3% in 2017. Austria's 5.8% unemployment rate, while low by European standards, is at its highest rate since the end of World War II, driven by an increased number of refugees and EU migrants entering the labor market. Without extensive vocational training programs and generous early retirement, the unemployment rate would be even higher.
Although Austria's fiscal position compares favorably with other euro-zone countries, it faces several external risks, such as unexpectedly weak world economic growth threatening the export market, Austrian banks' continued exposure to Central and Eastern Europe, repercussions from the Hypo Alpe Adria bank collapse, political and economic uncertainties caused by the European sovereign debt crisis, the current refugee crisis, and continued unrest in Russia/Ukraine. The budget deficit stood at 1% of GDP in 2017 and public debt declined slightly to 81.7% of GDP in 2017 after reaching a post-war high of 84.6% in 2016.
GDP (purchasing power parity):
$434.1 billion (2017 est.)
$424.4 billion (2016 est.)
$418.2 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 46
GDP (official exchange rate):
$409.3 billion (2017 est.)
GDP - real growth rate:
2.3% (2017 est.)
1.5% (2016 est.)
1% (2015 est.)
country comparison to the world: 142
GDP - per capita (PPP):
$49,200 (2017 est.)
$48,600 (2016 est.)
$48,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 33
Gross national saving:
26.2% of GDP (2017 est.)
25.5% of GDP (2016 est.)
25.4% of GDP (2015 est.)
country comparison to the world: 44
GDP - composition, by end use:
household consumption: 52.1%
government consumption: 19.8%
investment in fixed capital: 23.1%
investment in inventories: 1.1%
exports of goods and services: 54.2%
imports of goods and services: -50.3% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 1.2%
industry: 28.2%
services: 70.5% (2017 est.)
Agriculture - products:
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products
Industries:
construction, machinery, vehicles and parts, food, metals, chemicals, lumber, paper and paperboard, communications equipment, tourism
Industrial production growth rate:
3.8% (2017 est.)
country comparison to the world: 74
Labor force:
3.997 million (2017 est.)
country comparison to the world: 94
Labor force - by occupation:
agriculture: 0.7%
industry: 25.3%
services: 74% (2015 est.)
Unemployment rate:
5.4% (2017 est.)
6% (2016 est.)
country comparison to the world: 72
Population below poverty line:
4% (2014 est.)
Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 23.5% (2012 est.)
Distribution of family income - Gini index:
29.2 (2013 est.)
26.3 (2007 est.)
country comparison to the world: 134
Budget:
revenues: $197.8 billion
expenditures: $201.9 billion (2017 est.)
Taxes and other revenues:
48.3% of GDP (2017 est.)
country comparison to the world: 17
Budget surplus (+) or deficit (-):
-1% of GDP (2017 est.)
country comparison to the world: 58
Public debt:
81.7% of GDP (2017 est.)
84.6% of GDP (2016 est.)
note: this is general government gross debt, defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year; it covers the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the sub-sectors of central government, state government, local government and social security funds; as a percentage of GDP, the GDP used as a denominator is the gross domestic product in current year prices
country comparison to the world: 35
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.6% (2017 est.)
1% (2016 est.)
country comparison to the world: 72
Commercial bank prime lending rate:
1.7% (31 December 2017 est.)
1.86% (31 December 2016 est.)
country comparison to the world: 180
Stock of narrow money:
$258.6 billion (31 December 2017 est.)
$214 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world: 20
Stock of broad money:
$371.1 billion (31 December 2017 est.)
$326.2 billion (31 December 2016 est.)
country comparison to the world: 31
Stock of domestic credit:
$556.7 billion (31 December 2017 est.)
$489.3 billion (31 December 2016 est.)
country comparison to the world: 25
Market value of publicly traded shares:
$96.08 billion (31 December 2015 est.)
$96.79 billion (31 December 2014 est.)
$117.7 billion (31 December 2013 est.)
country comparison to the world: 40
Current account balance:
$8.546 billion (2017 est.)
$6.642 billion (2016 est.)
country comparison to the world: 22
Exports:
$157.5 billion (2017 est.)
$142.8 billion (2016 est.)
country comparison to the world: 32
Exports - commodities:
machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Exports - partners:
Germany 29.9%, US 6.3%, Italy 6.2%, Switzerland 5.7%, Slovakia 4.4% (2016)
Imports:
$157.6 billion (2017 est.)
$143 billion (2016 est.)
country comparison to the world: 28
Imports - commodities:
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Imports - partners:
Germany 42.5%, Italy 6%, Switzerland 5.6%, Czech Republic 4.4%, Netherlands 4% (2016)
Reserves of foreign exchange and gold:
$23.36 billion (31 December 2016 est.)
$22.24 billion (31 December 2015 est.)
country comparison to the world: 56
Debt - external:
$689.1 billion (31 March 2016 est.)
$679.3 billion (31 March 2015 est.)
country comparison to the world: 18
Stock of direct foreign investment - at home:
$245.8 billion (31 December 2017 est.)
$242.8 billion (31 December 2016 est.)
country comparison to the world: 26
Stock of direct foreign investment - abroad:
$309.8 billion (31 December 2017 est.)
$300.5 billion (31 December 2016 est.)
country comparison to the world: 23
Exchange rates:
euros (EUR) per US dollar -
0.89 (2017 est.)
0.9 (2016 est.)
0.92 (2015 est.)
0.89 (2014 est.)
0.76 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
56.05 billion kWh (2015 est.)
country comparison to the world: 50
Electricity - consumption:
62.78 billion kWh (2015 est.)
country comparison to the world: 42
Electricity - exports:
19.19 billion kWh (2016 est.)
country comparison to the world: 10
Electricity - imports:
26.34 billion kWh (2016 est.)
country comparison to the world: 7
Electricity - installed generating capacity:
24.44 million kW (2015 est.)
country comparison to the world: 36
Electricity - from fossil fuels:
22.2% of total installed capacity (2015 est.)
country comparison to the world: 193
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 44
Electricity - from hydroelectric plants:
33.2% of total installed capacity (2015 est.)
country comparison to the world: 63
Electricity - from other renewable sources:
24.3% of total installed capacity (2015 est.)
country comparison to the world: 23
Crude oil - production:
15,160 bbl/day (2016 est.)
country comparison to the world: 75
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 90
Crude oil - imports:
148,400 bbl/day (2016 est.)
country comparison to the world: 35
Crude oil - proved reserves:
43 million bbl (1 January 2017 est.)
country comparison to the world: 81
Refined petroleum products - production:
188,000 bbl/day (2016 est.)
country comparison to the world: 52
Refined petroleum products - consumption:
267,500 bbl/day (2016 est.)
country comparison to the world: 48
Refined petroleum products - exports:
49,230 bbl/day (2016 est.)
country comparison to the world: 54
Refined petroleum products - imports:
132,100 bbl/day (2016 est.)
country comparison to the world: 49
Natural gas - production:
1.263 billion cu m (2015 est.)
country comparison to the world: 63
Natural gas - consumption:
12.12 billion cu m (2015 est.)
country comparison to the world: 51
Natural gas - exports:
5.407 billion cu m (2015 est.)
country comparison to the world: 30
Natural gas - imports:
11.48 billion cu m (2015 est.)
country comparison to the world: 26
Natural gas - proved reserves:
6.994 billion cu m (1 January 2017 est.)
country comparison to the world: 89
Carbon dioxide emissions from consumption of energy:
78.9 million Mt (2015 est.)
country comparison to the world: 45
Communications
Telephones - fixed lines:
total subscriptions: 3,567,200
subscriptions per 100 inhabitants: 41 (July 2016 est.)
country comparison to the world: 42
Telephones - mobile cellular:
total: 14.27 million
subscriptions per 100 inhabitants: 163 (July 2016 est.)
country comparison to the world: 68
Telephone system:
general assessment: highly developed and efficient
domestic: mobile-cellular subscribership is ubiquitous; cable networks are very extensive, the fiber-optic net is being developed; all telephone applications and Internet services are available; broadband is available in all large municipalities
international: country code - 43; earth stations available in the Astra, Intelsat, Eutelsat satellite systems (2016)
Broadcast media:
worldwide cable and satellite TV are available; the public incumbent ORF competes with three other major, several regional domestic, and up to 400 international TV stations; TV coverage is in principle 100%, but only 90% use broadcast media; Internet streaming not only complements, but increasingly replaces regular TV stations (2016)
Internet country code:
.at
Internet users:
total: 7,346,055
percent of population: 84.3% (July 2016 est.)
country comparison to the world: 59
Transportation
National air transport system:
number of registered air carriers: 11
inventory of registered aircraft operated by air carriers: 130
annual passenger traffic on registered air carriers: 14,718,641
annual freight traffic on registered air carriers: 351.379 million mt-km (2015)
Civil aircraft registration country code prefix:
OE (2016)
Airports:
52 (2013)
country comparison to the world: 90
Airports - with paved runways:
total: 24
over 3,047 m: 1
2,438 to 3,047 m: 5
1,524 to 2,437 m: 1
914 to 1,523 m: 4
under 914 m: 13 (2017)
Airports - with unpaved runways:
total: 28
1,524 to 2,437 m: 1
914 to 1,523 m: 3
under 914 m: 24 (2013)
Heliports:
1 (2013)
Pipelines:
gas 1,888 km; oil 594 km; refined products 157 km (2017)
Railways:
total: 5,800 km (2016)
standard gauge: 5,267.7 km 1.435-m gauge (3,556.4 km electrified) (2014)
country comparison to the world: 33
Roadways:
total: 138,696 km
paved: 138,696 km (includes 2,208 km of expressways) (2016)
country comparison to the world: 39
Waterways:
358 km (2011)
country comparison to the world: 89
Merchant marine:
total: 1
by type: other 1 (2017)
country comparison to the world: 172
Ports and terminals:
river port(s): Enns, Krems, Linz, Vienna (Danube)
Military & Security
Military expenditures:
0.68% of GDP (2016 est.)
0.67% of GDP (2015)
0.75% of GDP (2014)
0.75% of GDP (2013)
0.78% of GDP (2012)
country comparison to the world: 133
Military branches:
Land Forces (KdoLdSK), Air Forces (KdoLuSK) (2014)
Military service age and obligation:
registration requirement at age 17, the legal minimum age for voluntary military service; 18 is the legal minimum age for compulsory military service (6 months), or optionally, alternative civil/community service (9 months); males 18 to 50 years old in the militia or inactive reserve are subject to compulsory service; in a January 2012 referendum, a majority of Austrians voted in favor of retaining the system of compulsory military service (with the option of alternative/non-military service) instead of switching to a professional army system (2015)
Transnational Issues
Disputes - international:
none
Refugees and internally displaced persons:
refugees (country of origin): 30,958 (Syria); 20,220 (Afghanistan); 13,773 (Russia); 5,555 (Iraq) (2016)
stateless persons: 937 (2016)
Illicit drugs:
transshipment point for Southwest Asian heroin and South American cocaine destined for Western Europe; increasing consumption of European-produced synthetic drugs
